GREENWICH, Conn., April 7, 2016 /PRNewswire/ -- Tower Three Partners ("Tower Three"), a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies, today announced that it has completed the sale of The Paslin Company ("Paslin" or the "Company"), a full-service robotics integrator focused on the automotive market segment, to Zhejiang Wanfeng Technology Development Co. Ltd. ("Wanfeng Technology"), a robotic manufacturer and systems integrator serving the die cast automation market and headquartered in China. Terms of the transaction, which was completed in March 2016, were not disclosed.
Since Tower Three partnered with Paslin in late 2013, Paslin has achieved significant growth, including the expansion of its geographic footprint with the opening of a 166,000 square foot, state-of-the-art manufacturing facility in Shelby Township, Michigan. Over the past two years, Paslin has significantly increased revenue, added more than 330 new employees in Michigan, invested in systems enhancements and human resource development and continued to generate significant value for customers. Today, Paslin is a full-service design-and-build organization that assembles and integrates robotic assembly lines for automotive OEMs and Tier One manufacturers. Importantly, the Company has also retained its focus on serving customers exceptionally, which has been its hallmark since being founded by the Pasque family in 1937.
"Tower Three prides itself on successfully partnering with outstanding middle-market companies to help them achieve their potential," said William D. Forrest, Managing Partner of Tower Three. "Since 2013, we have worked closely with Paslin's exceptional management to help transform the Company into a leading provider of automotive and automation products."
Peter Fitzsimmons, Managing Director of Tower Three and Chairman of the Paslin Board of Directors, said, "Paslin's dramatic and now sustainable growth has been enabled by unusually strong collaboration between management and investors on all important levels: people development, capital deployment, customer involvement and the steady upgrading of the infrastructure to support a more valuable enterprise."
Kirk Goins, Chief Executive Officer of Paslin, said, "We are delighted to be joining the Wanfeng family of companies and believe this combination will benefit our customers, employees and business partners, just as our partnership with Tower Three enabled us to achieve significant growth and expansion in a short period of time. Wanfeng's financial strength and operational capabilities, combined with its unique commitment to R&D, will enable Paslin to continue to drive growth, better serve new and existing customers and enhance its position as a leader in technological development and innovation."
Lincoln International served as Paslin's financial advisor and Weil, Gotshal & Manges served as legal counsel.
About Tower Three Partners
Tower Three Partners is a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies. With long-term committed capital from major institutional investors and a senior management team that collectively has decades of experience, the firm targets equity investments of $50M to $150M that provide a catalyst for growth.
Alongside management, Tower Three Partners prioritizes and implements changes in operations, strategy, growth and/or capital structure to significantly improve business performance. Our professionals are experienced in operational improvement, mergers & acquisitions and financial restructurings. For more information, visit our website at towerthreepartners.com or call 203-485-5800.
About The Paslin Company
The Paslin Company is a full service process, design and build organization. Paslin provides leading edge manufacturing equipment to the global market, while creating cost cutting solutions where feasible. A recognized leader in the construction and integration of manufacturing assembly and automation systems, Paslin currently employs approximately 730 people and has over 750,000 square feet of manufacturing space located at three different facilities throughout Warren, Michigan.
Tower Three Partners:
Sharon Stern / Jonathan Keehner / Aura Reinhard
Joele Frank, Wilkinson Brimmer Katcher
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SOURCE Tower Three Partners